The price of crude oil and gold is trading a bit higher than the last quarter of 2020
The prices commodities on the international market are trading at a slow pace since the beginning of the 2021 fiscal year.
According to the world stocks and commodities index, the price of Crude oil and Gold is trading a bit higher than the last quarter of 2020.
On the international commodities market, crude oil traded at 42 dollars 69 cents in the first month of the fourth quarter and ended the 2020 fiscal year at 49 dollars 99 cents.
It, however, started the 2021 trading year at 60 dollars per barrel amidst the COVID-19 pandemic. Three months into the first quarter of 2021 it is now trading at 64 dollars per barrel.
Gold sold at 1,740 dollars 52 cents and with a price change of negative 45 cents (-0.45) as of December 2020. It is however trading at 1,745 dollars 33 cents with a price unit of 7 dollars 73 cents. Gold has seen some rise in its unit price on the international market, unlike crude oil.
However, the prices of these commodities are likely to have a direct impact on the prices of commodities in the local market. The unit price of commodities is likely to go up at the local plant base of production.
In 2020, the COVID-19 pandemic although affected trade and resulted in a rise in the prices of some commodities experts are optimistic that the prices could decline in the third quarter of the trading year if the right measures are faced out.
Dr Yussif Sulemana, an Energy Expert has indicated that the prices of commodities on the market will keep going up if the local hub is not equipped to stand alone and produce products locally.
“The local hub must be well equipped to start producing products locally, especially the local refinery needs to be revamped to produce standard products to compete with the world market,” he said.
